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Opinions

Evaluating key elements of an oil contract for emerging petroleum economies

Bobby Gossai, Jr. -
Keep in mind, however, that most fiscal systems in the world are moderately regressive. The revenue the governments receive will go up, but Government Take will go down on average. Finally, it is important to remember that the differences...
Opinions

Dynamic influences on evaluating the fiscal terms of Guyana’s oil contracts

Bobby Gossai, Jr. -
Oil is the world’s number one strategic commodity. It is of vital interest to developed and emerging markets that rely on imported oil and gas. It is also vitally important to exporting nations, many of them among the poorest...
News

Iraq to review some oil contracts at high-cost fields

OilNOW -
(Reuters) - Iraq is reviewing oil contracts with some companies operating fields where costs are high, in order to reduce expenses while cutting production, Al-Sabah newspaper quoted the country’s oil minister as saying. “The ministry has a vision to open...
Exploration

Oil contracts signed after Exxon PSA will be reviewed – Guyana Opposition Leader

OilNOW -
Should the opposition People’s Progressive Party Civic (PPP/C) win the upcoming elections in Guyana, efforts will be made to review contracts signed after the ExxonMobil Production Sharing Agreement (PSA) in order to extract more revenue for the South American...
News

Italian oil contractor Saipem opens office in Guyana

OilNOW -
On Tuesday, June 4, 2019, Italian oil and gas industry contractor Saipem celebrated the establishment of its first country office in Guyana. The office, located in Georgetown, will serve as the headquarters for their local operations. While the company has...
News

Brazil gov’t to pay Petrobras $9 billion in oil contract settlement

OilNOW -
Brazilian oil giant Petrobras will get $9.06 billion to settle a deep-water contract dispute with the government, ending years of negotiations and paving the way for Big Oil to access enormous crude deposits in the area, Bloomberg said in...
News

Mexico’s next president will honor existing oil contracts -official

OilNOW -
(Reuters) - Mexico’s president-elect, Andres Manuel Lopez Obrador, assured private energy executives in a closed-door meeting on Thursday their contracts will not be canceled if they meet existing terms, the head of the country’s main oil producers’ association said. Lopez...
News

Comparison between Guyana & Ghana oil contracts ‘selective, misleading’ – Business Minister

OilNOW -
Guyana’s Minister of Business, Dominic Gaskin on Tuesday condemned what he calls a concerted effort to derail progress in the country’s emerging Oil and Gas (O&G) industry, saying those comparing the country’s 2% royalty to Ghana's 10% “know very...
News

Guyana focusing on benefits of oil contract; not renegotiation – Minister of State

OilNOW -
Guyana’s Minister of State Joseph Harmon says the Production Sharing Agreement between ExxonMobil and the South American country is binding and the David Granger led administration will be looking ahead, focusing on the benefits to be accrued when oil...
News

Presidential advisor believes oil contract should be disclosed, ‘signing bonus’ audited

OilNOW -
Presidential Advisor on Petroleum in Guyana, Dr. Jan Mangal, believes that in the interest of transparency and accountability, all resource agreements, including the petroleum contract between ExxonMobil and the South American country, should be made public. In an interview with...
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GranMorgu FPSO construction hits 27% as Suriname targets first oil by 2028

Construction of the floating production, storage and offloading (FPSO) platform for Suriname’s GranMorgu project has reached 27%, state oil...

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